What is the name of your state (only U.S. law)? Massachusetts
Hello, on my university's grad student page somebody posted the following message:
Friends, I am a Harvard Kennedy School MPAID first year student and I am seeking a permanent resident or US citizen loan co-signer to help me to attract a student loan for the 2nd (and last year). I am ready to pay 10% of the approved loan amount with up to $60,000 limit. (lower limits considered too).
We can discuss the exact terms.
(he is from Russia originally, apparently)
Now, upon seeing this, it sounded absurd and too good to be true--$6000 just to sign my name. But I did a few checks: we had several friends in common, and all of them vouched that he was in fact a Harvard Kennedy School student. So I emailed the guy, and he told me that he's coming from a lucrative job, and expects to have a lucrative job upon graduating, so paying the loan will not be an issue. Furthermore, he gave me a potential contract to look over that contains the following two clauses:
5) Mr. XXXXXX agrees to honor obligations under the Loan Agreement so that Mr. YYYYYYYY does not experience any expenses with regards to the Loan Agreement.
6) If Mr. YYYYYYY experiences any monetary expenses in accordance with the Loan Agreement, Mr. XXXXXXXXX should reimburse such expenses to Mr. YYYY immediately.
Obviously, my main concern with this proposal is the possibility that I will be left paying this man's debt. He seems to be a real person, however, and I am open to the possibility that he genuinely just need's a US citizen's signature. My question is, then: is the language in this contract sufficient to protect me from ANY potential risk from cosigning this loan? Is there any change to the language that could make me immune to any financial risk? He said he is open to changes in the language.
Hello, on my university's grad student page somebody posted the following message:
Friends, I am a Harvard Kennedy School MPAID first year student and I am seeking a permanent resident or US citizen loan co-signer to help me to attract a student loan for the 2nd (and last year). I am ready to pay 10% of the approved loan amount with up to $60,000 limit. (lower limits considered too).
We can discuss the exact terms.
(he is from Russia originally, apparently)
Now, upon seeing this, it sounded absurd and too good to be true--$6000 just to sign my name. But I did a few checks: we had several friends in common, and all of them vouched that he was in fact a Harvard Kennedy School student. So I emailed the guy, and he told me that he's coming from a lucrative job, and expects to have a lucrative job upon graduating, so paying the loan will not be an issue. Furthermore, he gave me a potential contract to look over that contains the following two clauses:
5) Mr. XXXXXX agrees to honor obligations under the Loan Agreement so that Mr. YYYYYYYY does not experience any expenses with regards to the Loan Agreement.
6) If Mr. YYYYYYY experiences any monetary expenses in accordance with the Loan Agreement, Mr. XXXXXXXXX should reimburse such expenses to Mr. YYYY immediately.
Obviously, my main concern with this proposal is the possibility that I will be left paying this man's debt. He seems to be a real person, however, and I am open to the possibility that he genuinely just need's a US citizen's signature. My question is, then: is the language in this contract sufficient to protect me from ANY potential risk from cosigning this loan? Is there any change to the language that could make me immune to any financial risk? He said he is open to changes in the language.
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